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Retail Retail-Loan BOI Star Vehicle Loan

BOI Star Vehicle Loan Scheme

Product

BOI Star Vehicle Loan Scheme

Eligible Customers

Salaried employees, Professionals, Self-employed
Salaried employees, Professionals, Self-employed
Non-Resident Indians- advance to be granted jointly with Resident Indians
(close relative)
(Age of the individual borrower not to exceed 65 years at the time of availing the advance)
Companies, Partnership Firms, Proprietary concern and other types of Corporate entities.
HUFs not Eligible

Purpose

1.Purchase of two/four wheeler vehicles (not requiring heavy duty license). For purchase of used/second hand 2 and 4 wheeler. (age of the vehicle not to exceed 3 years)
2.Reimbursement of cost of four wheeler purchased from own sources

Type of Advance

Demand Loan /Term Loan (for 2nd hand vehicles only Demand Loan)

Quantum of Loan

Maximum limits for finance :

Individuals (Resident in India)

For Indian make vehicles - Rs.50 lacs

For Companies and corporate entities - Rs.100 lacs.

For Companies and corporate entities - Rs.200 lacs (Can be a fleet of vehicles)

Non-resident Indians - Rs.50 lacs.

The limits are subject to :

a. 24 times of gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 years I.T. Returns

b. Two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.